MacQuesten Development and NYS Homes & Community Renewal break ground on $31.5 million mixed-use development

According to MacQuesten Development LLC and New York State Homes & Community Renewal, a new $31.5 million mixed-use transit-oriented development will be constructed in the downtown area. Ground was broken for The Modern, to be built on an underutilized former industrial area, will include 80 affordable rental apartments and 9,400 s/f of commercial, possible medical use and office space on the first two floors. Construction began this past December. An opening is scheduled for fall 2016. The 130 Mount Vernon Ave. site is at the southeast corner of MacQuesten Pkwy., previously the site of businesses that had closed, including Avis Car Rental. The site is within walking distance of the Mount Vernon West Metro North Train Station, in an area of the city that is transitioning from industrial and commercial uses to mixed-use residential. With the announced rehabilitation of the Mount Vernon West Metro North Train Station, which offers the shortest commute from Westchester County to Grand Central Station, The Modern is ideally positioned. The site is within walking distance of the two other train stations in Mount Vernon, as well as the Gramatan Ave. shopping corridor, and is situated on a bus line for access to the Cross County Shopping Center and movie theatres in Yonkers. The Modern is expected to create more than 200 construction jobs and when complete more than 100 permanent jobs on site. "We are particularly excited about this project because it will serve as a catalyst for the creation of a sustainable neighborhood in which people can live, work and have easy access to services and mass transit," said Rella Fogliano, president, MacQuesten Development LLC. "As a mixed-use project, The Modern will bring expanded activity and new focus to this strategically important area of the city." Financing for the project comes from a combination of sources, the largest being $6.9 million from New York State Homes & Community Renewal in permanent tax exempt mortgage. Another $4.4 million comes from the New York State Office of Mental Health, made possible through MacQuesten's not-for-profit partner, Community Housing Innovations (CHI) and $3.9 million in additional funding from The Bank of America's Department of Justice Fund. This is the largest amount to date that the Bank of America has invested in an individual project. "Supporting the development of safe, affordable housing in underserved communities like Mount Vernon is vitally important to Bank of America Merrill Lynch," said Todd Gomez, Northeast regional executive, Bank of America Merrill Lynch. "MacQuesten's experience with and passion for community development made this an ideal project to finance. In addition to $27 million of debt financing and equity investment, the Bank also provided $3.9 million of deeply subordinate financing targeted to family housing throughout New York, which reduced The Modern's reliance on state subsidy." CHI executive director Alexander Roberts said, "We are thrilled to be part of one of the first projects under governor Cuomo's innovative mental health initiative." Other investment sources include $750,000 from the New York State Community Investment Fund for commercial space; $950,000 from the New York State Medicaid Redesign Team; (also made possible through CHI); $11.8 million from the proceeds of Low Income Housing Tax Credits; $2.6 million in the developer's own equity; and $200,000 from the City of Mount Vernon HOME Funds. "This is an exciting time for the City of Mount Vernon. Construction is continuing citywide," said mayor Ernest Davis. "The west end of the city will start seeing the beginning of revitalization of the area that will open up opportunity for those living and doing business along that busy corridor." Affordable Housing The 80 residential apartments will include: * 9 studio apartments renting at $1,089 * 27 one-bedroom apartments renting at $1,167 * 44 two-bedroom apartments renting at $1,400 * One on premise apartment for the superintendent * Parking for 89 cars All apartments and common areas will be wheelchair accessible and 22 will be designed for individuals who are living with disabilities, including some veterans. CHI will identify tenants for these units and will provide supportive housing services for them. Office and Community Facility Space There will be 9,300 s/f of office and community facility space. Eighty nine parking spaces will be available on the property - 81 for housing and 8 for commercial. The 11-story building will also feature a rooftop recreational space offering beautiful views of Westchester County and the New York City skyline. Green Design The building will conform to a stringent Green Building Initiative and seek LEED Certification. Energy efficiency, sustainability, and "green design" are fundamental principles of the project. The Modern has also been approved for NYSERDA certification under the Energy Star and Multi Family Performance Program. New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR is in the second year of Governor Cuomo's $1 billion House New York program, which creates thousands of new units over five years, and is the largest investment in affordable housing in at least 15 years. House New York will also preserve thousands of Mitchell-Lama units, extending affordability for 40 years. The House New York initiative builds on the successes of unprecedented efforts to protect more than two million rent-regulated tenants, with the greatest strengthening of the state's rent laws in 30 years, and the creation of the Tenant Protection Unit which proactively audits and investigates landlord wrongdoing.